Financial wellness programs in the workplace: Evidence from employers in the caregiving industry. (2nd July 2020)

• Record Type: Journal Article
• Authors: Frank-Miller, Ellen G.; Fox-Dichter, Sophia R.; Wolter, Sloane; Hampton, Jenna; Gilbert, Kourtney; Grinstein-Weiss, Michal
• Is Part Of: Journal of workplace behavioral health. Volume 35:Number 3(2020)
• Page Start: 137
• Page End: 157
• Publication Date: 2020-07-02
• Subjects: Financial stability -- financial wellness programs -- low-to moderate-income workers; Employee assistance programs -- Periodicals; 362.1786
• DOI: 10.1080/15555240.2020.1806719
• Languages: English
• ISSNs: 1555-5240

Abstract

Abstract: Employee financial wellness programs (EFWPs), a new type of employee benefit, claim to address workers' financial challenges and improve business results. However, evidence of such advantages remains thin, and little is known about program take-up. This study examines organizational factors accounting for successful EFWP implementation and take-up at three caregiving sector employers. We investigate two EFWPs, financial and credit-building counseling, through in-depth interviews with managers and directed content analysis. Results suggest that in-person EFWP promotion and active support from upper management are key factors in program success. Additionally, EFWP congruence with employers' business practices and values factors into program utilization.